Question
Exactly 20 years ago your guardian angel deposited $1,000in an account for you.The account is left untouched and earns 8.1% compounded annually.You are unable to
Exactly 20 years ago your guardian angel deposited $1,000in an account for you.The account is left untouched and earns 8.1% compounded annually.You are unable to touch the account until 8 more years from today.Compute how much at that time is the total interest-on-interest and interest-on-principal.
a.Total interest-on-interest is $5,586 and interest on principal is $2,268
b.Total interest-on-interest is $4,224 and interest on principal is $1,972
c.Total interest-on-interest is $4,857 and interest on principal is $1,972
d.Total interest-on-interest is $5,586 and interest on principal is $1,972
e.Total interest-on-interest is $4,224 and interest on principal is $2,268
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